Wednesday, May 22, 2013

Democracy For Now Supports Students Loan Fairness Act

Get this: Student loan interest rates are about to double to 6.8 percent. But big banks? They’re getting a sweet deal on borrowing money from the Fed: 0.75 percent.

No, that’s not a typo. Students will be paying 900 percent more than the biggest banks on Wall Street to borrow money.

Our biggest banks don’t deserve another sweetheart deal. And educated young Americans looking for jobs, and looking to build a future for themselves, don’t deserve to see their interest rates skyrocket.

Warren's legislation would direct the Board of Governors of the Federal Reserve System to make available low interest student loans available through the Federal Reserve System. Warren's concern is that students will be buried in debt if Congress allows student loan rates to increase. On July 1st, student loan rates will increase from 3.4 to 6.8 percent. President Barack Obama and Congressional Democrats should hammer Republicans on this issue. Republicans can't afford to lose more young voters.

Democracy For America sent out this email to its supporters.

Senators Tammy Baldwin and Kirsten Gillibrand have signed onto our campaign to keep student loan interest rates from doubling -- joining more than 100,000 other Democracy for America members demanding we treat our students as well as the big Wall Street banks.

Let's see how many more Democratic senators Democracy For America and activists can get on board.